There has been recent bullish momentum driving the rebound from the almost recession creating dip. Unfortunately, as the rally progresses it is losing steam in a way that is creating a classic rising wedge pattern. This could potentially create the doomed recessionary trend that has been previously forecast.
With the RSI overextended at 76 and stochastic indicator topping out, I thought it prudent to be on the lookout for bearish formations that could lead to a reversal of the bull trend. Bullish exuberance is on a high and in a 14 month bear market that in itself is a contrarian indicator. There are several touch points in this steep rising wedge, the target...